Debunking Philanthropy Myths

Most people consider philanthropy for wealthy families and large foundations. They also don’t see themselves as part of the organization’s image. This is because they think that only a small group of prominent individuals and wealthy families are the focus of philanthropy. However, this is not the future of the organization. It should include everyone.

The future of philanthropy is about collective power. It should embrace everyone, including the Gen Z and Millennial generations, who are passionate about improving the planet and are already contributing significantly to the country’s population. It should also celebrate and amplify the contributions of everyday people.

This article will debunk some of the common myths about philanthropy. These are three critical factors that are needed to transform the way people think about philanthropy.

Giving Money Is the Only Way to Make a Difference

The truth is that philanthropy is a robust and lifelong activity that can be used to improve the lives of others. According to the Giving USA Report, Americans gave almost half a billion dollars to charity in 2020 , and nearly 70% of donations came from individuals. In addition to monetary gifts, we must recognize and celebrate the talent and time individuals give to charitable organizations. Numerous organizations are looking for volunteers to help build homes or collect food for those in need. For instance, a recent graduate can start their philanthropy by volunteering at a local animal shelter or Habitat for Humanity. After working for a higher-paying job, their volunteer hours may eventually turn into a $25 gift they can use to make a recurring contribution. This could then grow to a $500 yearly donation.

Donors Are Only Influential if They Donate a Lot of Money

The real power of philanthropy is not about how much money you give but how you can inspire others to give. Most people think of charity as being about writing checks. However, this is not the most powerful way to make a difference. Instead, it’s about inspiring others to get involved. By taking action like matching donations or volunteering at a local organization, you can help build the next generation of philanthropists. This is because, through philanthropy, you can inspire others to give and make a difference.

Giant, Expensive Fundraising Events Are Critical

For many years, it has been believed that significant fundraising events were necessary to reach their goals. However, now, it’s time to rethink how philanthropy is done. Instead of relying on these events, organizations should use new strategies and methods to reach their donors.

One of the most important factors that people can consider when it comes to the advancement of philanthropy is the connection it makes with the people affected by its causes. In the future, the charity will focus on connecting people to the causes they care about. This will involve using technology to make giving more accessible for younger donors and connecting with and exploring charitable organizations. In addition, organizations will work with employers and companies to amplify the impact of smaller-scale donors.

Originally published at https://chartwestcott.net on September 14, 2022.

--

--

Chart Westcott is Co-Founder and COO at Ikarian Capital, LLC a long/short equity biotech focused investment adviser. Read more at http://chartwestcott.net.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Chart Westcott

Chart Westcott is Co-Founder and COO at Ikarian Capital, LLC a long/short equity biotech focused investment adviser. Read more at http://chartwestcott.net.